5 minute read
Is JustMarkets Legal in Dubai? A Comprehensive Review
from JustMarkets
by Exness_India
When it comes to trading platforms, legality is the first and foremost concern—especially in regions with strong financial regulations like Dubai, part of the United Arab Emirates (UAE). So, let’s get straight to the point:
Is JustMarkets legal in Dubai?No, JustMarkets is not licensed or regulated by any local financial authority in Dubai or the UAE, such as the Dubai Financial Services Authority (DFSA) or the Securities and Commodities Authority (SCA). While this doesn't necessarily mean that the platform is a scam or illegal per se, it does mean that it is not authorized to operate locally under UAE law.
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Understanding the Regulatory Environment in Dubai
Dubai is a financial powerhouse in the Middle East, known for its stringent regulatory frameworks designed to protect investors and preserve economic integrity. If you plan to trade online, understanding these frameworks is crucial.
The two main financial regulators in the UAE are:
DFSA (Dubai Financial Services Authority): Regulates all financial services in the Dubai International Financial Centre (DIFC).
SCA (Securities and Commodities Authority): Governs the wider UAE financial markets outside the DIFC.
These bodies require all brokers offering financial products or investment services to be registered and licensed under their jurisdictions. Currently, JustMarkets is not among the brokers licensed by either DFSA or SCA.
Is It Illegal to Use JustMarkets in Dubai?
Here’s where it gets nuanced.
Even though JustMarkets isn’t regulated in the UAE, the platform can still be accessed online by residents of Dubai. This is because JustMarkets operates as an offshore broker, licensed by international regulators such as the Financial Services Authority (FSA) of Seychelles.
However, this access does not equate to legality in the UAE. If you use an unlicensed broker like JustMarkets:
You are not protected under UAE investor protection laws.
In case of disputes or fraud, UAE authorities may not be able to assist you.
You may be violating local laws, especially if you’re acting as a financial intermediary or promoting such platforms.
So while it may not be strictly "illegal" for a private individual to open an account and trade, it is legally risky and not recommended.
What Happens If You Use an Unlicensed Broker?
Using an offshore, unlicensed broker like JustMarkets exposes traders to a range of potential issues:
Lack of legal recourse: If the broker freezes your funds or engages in unethical practices, you can’t turn to the DFSA or SCA for help.
Risk of scams: Offshore brokers often escape the scrutiny of local regulators, which means you might be dealing with an unstable or untrustworthy platform.
Limited accountability: These platforms operate under much looser regulatory guidelines, increasing the risk of unfair terms, hidden fees, or platform manipulation.
In Dubai, authorities have already issued multiple warnings to residents about using offshore or unlicensed brokers, especially as the number of forex and crypto-related scams continues to rise.
Why Do Some Traders in Dubai Still Use JustMarkets?
Despite the risks, some traders in Dubai continue to use JustMarkets due to:
Low entry barriers: JustMarkets allows users to open accounts with minimal deposits.
Attractive bonuses and leverage: These incentives are not available with UAE-regulated brokers due to local restrictions.
Flexible KYC policies: Offshore brokers may have simpler onboarding processes.
However, these perceived benefits come at the cost of regulatory protection and fund security—a trade-off that often leads to regret when disputes arise.
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What Are the Safer Alternatives for Dubai-Based Traders?
If you live in Dubai and want to trade safely and legally, you should choose a broker that is licensed by the DFSA or the SCA. Here’s what you gain by doing so:
Full investor protection: Your funds are safeguarded under the law.
Legal recourse: You can file complaints and disputes with local authorities.
Transparency: Local brokers are regularly audited and must comply with strict financial standards.
Examples of popular and licensed brokers in Dubai include Saxo Bank, IG, and Swissquote MEA. These companies offer robust platforms, local customer service, and the peace of mind that comes with regulatory compliance.
Can JustMarkets Become Legal in Dubai?
In theory, yes. If JustMarkets applies for and obtains a license from either the DFSA or SCA, it could operate legally in Dubai and offer its services to UAE residents. However, this process is complex, costly, and requires meeting strict financial, technical, and ethical standards.
Until then, JustMarkets remains an offshore entity not authorized to operate in Dubai.
What Should You Do If You’ve Already Opened a JustMarkets Account in Dubai?
If you're currently using JustMarkets from Dubai, here are a few important steps to consider:
Withdraw your funds immediately, especially if you notice any suspicious activity or delayed transactions.
Avoid depositing more money until you fully understand the risks involved.
Report your experience to the Dubai Consumer Protection Department or SCA, especially if you’ve faced issues.
Switch to a licensed broker to ensure legal compliance and better protection.
Final Verdict: Is JustMarkets Legal in Dubai?
No, JustMarkets is not legally licensed or authorized to operate in Dubai or the UAE. While residents can access the platform online, doing so involves substantial legal and financial risk. The best approach for Dubai-based traders is to stick with locally regulated brokers to ensure full legal protection and peace of mind.
If you're serious about trading and long-term investing, compliance with local laws should be your priority—and JustMarkets doesn’t meet that requirement in the UAE.
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